The Partnership of Gilligan,Skipper,and Ginger Had Total Capital of $570,000

question 22

Multiple Choice

The partnership of Gilligan,Skipper,and Ginger had total capital of $570,000 on December 31,2017 as follows: Profit and loss sharing percentages are shown in parentheses.
Assume that Professor became a partner by investing $190,000 in the Gilligan,Skipper,and Ginger partnership for a 25 percent interest in the capital and profits,and the partnership assets are revalued.Under this assumption

• A)Professor's capital credit will be $150,000.
• B)Gilligan's capital will be increased to $147,000.
• C)total partnership capital after Professor's admission to the partnership will be $600,000.
• D)net assets of the partnership will increase by $190,000,including Professor's interest.

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